Bitcoin Mining Stock Cipher Mining Is Climbing Today: What's Going On?

Cipher Mining Inc CIFR shares are moving higher. The company on Tuesday announced the closing of a 300 MW data center site.

What Happened: Cipher said it completed its acquisition of the Barber Lake site in West Texas. The Bitcoin BTC/USD mining company acquired the site for $67.5 million in cash and a variable fee of $3 per MWh (megawatt hour) for the initial five years after the energization of the site.

The site has 300 MW of capacity, a newly constructed high-to-mid voltage substation and all necessary regulatory approvals. Cipher also noted that it acquired 250 acres of land surrounding the substation and completed all necessary agreements to participate in the Electric Reliability Council of Texas (ERCOT) market.

“We are delighted to close the acquisition of our new Barber Lake site, which is ideally suited for either hosting a large HPC customer or mining bitcoin. The site is immediately available with an existing high-quality substation and all the essential characteristics necessary to develop a large-scale HPC data center,” said Tyler Page, CEO of Cipher Mining.

“Large sites with these characteristics are extremely rare, and we have already received interest in the site from multiple hyperscalers. We sold a portion of our bitcoin treasury to fund the majority of this purchase and believe we have exchanged one rare and valuable asset for an even more rare and more valuable asset – an immediately available, large-scale, interconnected site with plenty of land.”

Including this acquisition and other recently announced purchases, Cipher’s portfolio is expected to grow to more than 2.5 GW across 10 sites.

See Also: Bitcoin Is ‘Gold With A Leverage,’ Says Expert Who Sees US Government In Big Trouble Over Debt Burden

CIFR Price Action: Cipher shares were up 5.69% at $3.16 at the time of publication Tuesday, per Benzinga Pro.

Photo: Gaston Cerliani from Shutterstock.